Summer Financial Aid Information

Page address: http://www.mnsu.edu/campushub/summer/

Students may qualify for financial aid as a resource for Summer Semester costs. There is no separate Summer Financial Aid Application needed this year. You must be registered for ALL of your summer classes and have a completed and processed 2014-2015 Free Application for Federal Student Aid (FAFSA) by MSU, Mankato (school code 002360).

Individual student financial aid awards are limited to the student's eligibility and Cost of Attendance/Institutional Budget.

Students who graduated from a Minnesota high school who do not meet the citizenship requirements to complete the FAFSA can go to the Minnesota Office of Higher Education website for possible financial aid resources through the State of Minnesota.

Enrollment Requirements

For financial aid purposes, the Summer Semester is considered to be the equivalent of one academic semester. For less than full-time enrollment, aid will be prorated. Your eligibility is determined based on the number of credits for which you are enrolled. Changes to your enrollment status may reduce or cancel your financial aid.

Enrollment/Credit Requirements

Full Time

3/4 Time

1/2 Time

Minimum

Undergraduate

12*

9-11

6-8

6

* To be eligible for the maximum amount of the Minnesota State Grant, you must be enrolled for 15 credits. However, students who are enrolled for 3-14 credits may still have eligibility. Eligibility for the Federal Pell Grant may be possible for less than 6 credits.

Undergraduate students must be enrolled in a minimum of 6 undergraduate level credit hours to qualify for federal student loans.

Graduate students must be enrolled in a minimum of 6 graduate level credit hours to qualify for federal student loans.

Enrolling at Another School: If you are planning on registering for Summer courses at another school, you must complete a Consortium Agreement. Agreements for students attending other MnSCU schools are available at the Campus Hub. Students attending non-MnSCU schools must make an appointment with a Financial Aid Advisor to complete the Consortium Agreement. To make an appointment, contact the Campus Hub at (507) 389-1866 or stop by 117 Centennial Student Union.

Cost of Attendance/Institutional Budget

Cost of Attendance (COA), or Institutional Budget, is the estimated direct and indirect school-related costs for each academic year. These costs include tuition, fees, room, meals, books and supplies, and miscellaneous. The amount of a student’s COA is the maximum amount a student can receive in financial aid each academic year or semester.

Budget Adjustment: The Budget Adjustment Request process reviews certain costs students may incur which are either not covered or exceed the amounts covered in the financial aid cost of attendance. This includes costs associated with: commuting, child care, study abroad, internship, student teaching, aviation flight labs, and required program equipment or materials. Please note that not all situations can be considered under this process. Students seeking a budget adjustment must make an appointment with a Financial Aid Advisor. To make an appointment, contact the Campus Hub at (507) 389-1866 or stop by 117 Centennial Student Union.

Financial Aid Available for Summer and How to Apply

The types of financial aid available during the Summer Semester are primarily limited to loans: Federal Direct Subsidized and/or Unsubsidized Student Loans, and other loan options. Federal and State Grant funds are available to those who qualify. Work Study and Federal Perkins student loan funding is NOT available for this Summer Semester.

Federal Direct Subsidized/Unsubsidized student loans:Federal Direct Loans are administered by the federal government and require repayment. Your eligibility is based on what you borrowed during the 2014-2015 academic year, grade classification, and dependent/independent status. You will automatically be considered for these funds by meeting the Summer Financial Aid Criteria, as noted above.

Grants are funds based on financial need and in general do not require repayment.

Federal Pell Grant and/or Minnesota State Grant may be available, depending on your 2014-2015 financial aid awards for the Fall and Spring Semesters and your enrollment for the Summer Semester. You will automatically be considered for these funds by meeting the Summer Financial Aid Criteria, as noted above.

Minnesota Post-Secondary Child Care Grant

Minnesota’s student population includes many parents who need affordable, quality child care in order to continue their education at a college or university. To be considered for this grant, you must meet the Summer Financial Aid Criteria, as noted above.

If you submitted an application for a Minnesota Child Care Grant during the 2014-2015 academic year, you do not need to submit a new application for Summer Semester.

If you are not currently receiving the Minnesota Child Care Grant, please print, complete and submit the Child Care application Minnesota Post-Secondary Child Care Grant Application to Student Financial Services as soon as possible, but no later than June 30, 2015. Funding is available for Summer Semester.

Minnesota GI Bill Grant Program

This grant program provides post-secondary financial assistance to eligible Minnesota veterans and service members as well as eligible spouses and children of deceased or severely disabled eligible Minnesota veterans. Full-time undergraduate or graduate students may be eligible to receive up to $1,000 per semester or term and part-time students may be eligible to receive up to $500 per semester or term.

If you submitted an application for a Minnesota GI Bill Grant during the 2014-2015 academic year, you do not need to submit a new application for Summer Semester.

If you have not submitted an application for a Minnesota GI Bill Grant during the 2014-2015 academic year, the 2014-2015 application is available online.

Federal TEACH Grant

The Teacher Education Assistance for College and Higher Education Grant Program(TEACH) provides funds for students who plan to teach in designated math, science, special education, language, and other high-need subject fields.More information.

Accepting Summer Financial Aid

Review Summer Financial Aid Award Notice: When your Summer Award Notice is ready you will receive an email from the Campus Hub stating your Summer Award Notice is available to view online.

Complete Summer Response Form: Accept/Decline awards by completing the a Summer Response Form by clicking on the link provided in your Award Notice. Make note of and follow instructions to complete additional acceptance steps required for student loans.

If you choose to accept Federal Direct Subsidized/Unsubsidized student loans: An e-services loan acceptance process has been established for Federal Direct Loans (Subsidized & Unsubsidized). Students log in with Star ID and Password, select Financial Aid from the left-side navigation menu, then click on Loans. Current loan eligibility will be displayed and the student may accept either the full amount or a reduced amount. The e-services process also confirms whether the required Entrance Loan Counseling and Master Promissory Note (MPN) steps have been completed, directing students to the Federal site if needed.

NOTE: Transfer students borrowing a Federal Direct Loan at MSU, Mankato who borrowed a Federal Direct Loan while attending another school are required to complete Entrance Loan Counseling.

If you choose to apply for other loan funding refer to the Other Loan Option section.